Why the Stimulus Makes This a Great Time for First-Time Southeast Michigan Real Estate Buyers
Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on March 5th, 2009 There are great incentives for first-time Southeast Michigan real estate buyers. Big tax incentives and money put into the banking and financing industries to give buyers more availability to loans makes now the best time to move when looking for a home. This environment won’t last—exactly. Some of the elements put in place are geared toward a strong future for the housing market, but many of the advantages are only good for now.
Tax Relief
First-time Southeast Michigan real estate buyers, meaning those who have not owned a home or condo in the past three years, are eligible for a big tax break on income taxes. Next year at tax time all buyers have to do is report the new home purchase to get $8,000 dollars back. That’s a big incentive. The drawback is it’s only good for this year. It is retroactive to the beginning of 2009 so even if you have already bought that home you can still claim it, but if you drag your feet hoping for better mortgage financing, or just a better time for your family to get a new home, you will miss out after December 31, 2009.
Affordable Housing
Right now is the time to buy because of prices, too. Thanks to the failings of the housing market, there are tons of homes for sale at prices they would not normally be listed at. If the stimulus plan improves the economy the way it is hoped it will, that won’t last. That brings hope and great news for homeowners, but not great for those who wait to take advantage of the greatly reduced home prices.
Southeast Michigan real estate buyers need to take advantages of all that 2009 and the current real estate market have to offer. There are great deals that will never happen again—hopefully.
If you haven’t owned a home in the past three years and would like to, as not only a licensed broker and an attorney, I am uniquely qualified to help you take advantage of the 2009 stimulus plan. Call me at 248-514-2640 or send me an email at info@NorthWoodwardHomes.com for more information.
Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call: 248-514-2640
Lee’s Blog » Blog Archive » Troy Michigan Real Estate Gets Hope From The Stimulus Plan said,
March 9, 2009 @ 9:39 am
[…] First-time home buyers will receive a tax incentive that results in a huge tax break. […]
Lee’s Blog » Blog Archive » How the Stimulus Plan Might Affect Troy Michigan Real Estate Condo Buyers and Sellers said,
April 17, 2009 @ 4:25 pm
[…] biggest boon to both buyers and sellers is the proposed tax break for any first-time buyer purchasing a home (including condos) in 2009. That last part is the one down point in the […]